The reason millennials became obsessed with payment app Venmo has nothing to do with money

DAVOS, Switzerland — Business Insider Global Editor-in-Chief Henry Blodget led a panel focusing on the Global Fintech Revolution. The panel was part of the World Economic Forum’s annual meeting held in Davos, Switzerland.

One of the panelists was PayPal CEO Daniel Schulman. Blodget asked Schulman to talk about the success of the popular app Venmo, which is owned by PayPal. Schulman said the product’s success comes down to one key product feature.